On January 11, 2024, TMS Co., Ltd. (TMS) and Ji Xing Pharmaceuticals Limited (JIXING) announced that they have entered into a strategic partnership established subsequent to the assignment of an option agreement from Biogen MA Inc. (Biogen) to JIXING, originally between TMS and Biogen, followed by an amendment immediately in effect upon the assignment. Wilson Sonsini Goodrich & Rosati advised JIXING on the transaction.

TMS and JIXING will form a collaborative partnership to globally develop TMS-007—a novel antithrombotic agent developed for the treatment of acute ischemic stroke (AIS)—with TMS regaining royalty-free Japan rights while JIXING will lead the development and commercialization of TMS-007 in the rest of the world. TMS and JIXING will join forces to expeditiously develop and launch TMS-007 globally, facilitated by the formation of a Joint Development Committee. In addition, TMS will receive an upfront payment of $5 million in the form of JIXING equity, up to $12.5 million in development milestones, up to $355 million in commercial milestones, and tiered royalties consistent with the original Option Agreement.

Concurrently, JIXING licenses to TMS exclusive Japan rights of JX09. JX09 is an oral, novel, small molecule ASI in development for the treatment of resistant and/or uncontrolled hypertension by JIXING, which is planned to enter into a first-in-human Phase 1 clinical trial in early 2024.

The Wilson Sonsini team that advised JIXING on the transactions included partners Michael Hostetler, Farah Gerdes, Mark Bellomy, Greg Broome, and Jen Fang; associates Zack Burns, TJ Tingjie Li, Ying Chen, Brandon King, Christina Fuleihan, Hee Min Noh, and Zamin Raza; and patent agent Jamie Gleason-Bremer.

For more information, please see the companies’ news release.